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Segments of Business (Tables)
 12 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
Financial information relating to the Company’s reportable operating segments and reconciliations to the consolidated totals was as follows:
 Years Ended March 31,
(In millions)202420232022
Segment revenues (1)
U.S. Pharmaceutical$278,739 $240,616 $212,149 
Prescription Technology Solutions4,769 4,387 3,864 
Medical-Surgical Solutions11,313 11,110 11,608 
International14,130 20,598 36,345 
Total revenues$308,951 $276,711 $263,966 
Segment operating profit (loss) (2)
U.S. Pharmaceutical (3)
$2,786 $3,206 $2,879 
Prescription Technology Solutions (4)
835 566 500 
Medical-Surgical Solutions (5)
952 1,117 959 
International (6)
319 136 (968)
Subtotal4,892 5,025 3,370 
Corporate expenses, net (7)
(851)(147)(1,073)
Loss on debt extinguishment (8)
— — (191)
Interest expense(252)(248)(178)
Income from continuing operations before income taxes$3,789 $4,630 $1,928 
Segment depreciation and amortization (9)
U.S. Pharmaceutical$229 $212 $228 
Prescription Technology Solutions84 77 82 
Medical-Surgical Solutions 84 80 129 
International117 115 204 
Corporate121 124 117 
Total depreciation and amortization$635 $608 $760 
Segment expenditures for long-lived assets (10)
U.S. Pharmaceutical$193 $154 $137 
Prescription Technology Solutions31 35 10 
Medical-Surgical Solutions159 117 74 
International75 79 177 
Corporate229 173 137 
Total expenditures for long-lived assets$687 $558 $535 
(1)Revenues from services on a disaggregated basis represent approximately 1% of the U.S. Pharmaceutical segment’s total revenues, less than 39% of the RxTS segment’s total revenues, less than 3% of the Medical-Surgical Solutions segment’s total revenues, and less than 8% of the International segment’s total revenues. The International segment reflects foreign revenues. Revenues for the remaining three reportable segments are domestic.
(2)Segment operating profit (loss) includes gross profit, net of total operating expenses, as well as other income (expense), net, for the Company’s reportable segments.
(3)The Company’s U.S. Pharmaceutical segment’s operating profit includes the following:
•a provision for bad debts of $725 million for the year ended March 31, 2024 related to the bankruptcy of the Company’s customer Rite Aid, as further discussed in Financial Note 1, “Significant Accounting Policies;”
•cash receipts for the Company’s share of antitrust legal settlements were $244 million, $129 million, and $46 million for the years ended March 31, 2024, 2023, 2022, respectively;
•a credit of $157 million, a charge of $1 million, and a credit of $23 million for the years ended March 31, 2024, 2023, and 2022, respectively, related to the LIFO method of accounting for inventories;
•a charge of $74 million in fiscal 2024 related to the estimated liability for opioid-related claims, as discussed in more detail in Financial Note 17, “Commitments and Contingent Liabilities;"
•a gain of $142 million for the year ended March 31, 2023 related to the exit of one of the Company’s investments in equity securities in July 2022 for proceeds of $179 million, which is reflected within “Other income, net” in the Company’s Consolidated Statement of Operations; and
•a charge of $18 million for fiscal 2023 recorded in connection with the Company’s estimated liability under the State of New York’s OSA, as further discussed in Financial Note 17, “Commitments and Contingent Liabilities.”
(4)The Company’s RxTS segment’s operating profit includes the following:
•fair value adjustment gains of $78 million in fiscal 2024, which reduced the Company’s contingent consideration liability related to the RxSS acquisition, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures;” and
•restructuring charges of $43 million in fiscal 2023 primarily for severance and employee-related costs, as well as asset impairments and accelerated depreciation. Refer to Financial Note 3, “Restructuring, Impairment, and Related Charges, Net” for further information.
(5)The Company’s Medical-Surgical Solutions segment’s operating profit for fiscal 2022 includes inventory charges of $164 million primarily related to certain personal protective equipment and other related products.
(6)The Company’s International segment’s operating profit (loss) includes the following:
•charges of $240 million and $383 million for the years ended March 31, 2023 and 2022, respectively, to remeasure the assets and liabilities of the E.U. disposal group to fair value less costs to sell and, in fiscal 2022, to impair certain assets, including internal-use software that will not be utilized in the future, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures;”
•a charge of $1.1 billion for the year ended March 31, 2022 to remeasure the assets and liabilities of the U.K. disposal group to fair value less costs to sell, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures;”
•a gain of $59 million for the year ended March 31, 2022 related to the sale of the Company’s Canadian health benefit claims management and plan administrative services business; and
•a gain of $42 million for the year ended March 31, 2022 related to the sale of the Company’s previously held 30% interest in its German pharmaceutical wholesale joint venture to WBA.
(7)Corporate expenses, net, includes the following:
•a net charge of $73 million in fiscal 2024, a credit of $8 million in fiscal 2023, and a charge of $274 million in fiscal 2022 related to the estimated liability for opioid-related claims, as discussed in more detail in Financial Note 17, “Commitments and Contingent Liabilities;"
•charges of $55 million, $83 million, and $100 million for the years ended March 31, 2024, 2023, and 2022, respectively, for restructuring initiatives as discussed in more detail in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net;”
•charges of $35 million, $36 million, and $130 million for the years ended March 31, 2024, 2023, and 2022, respectively, for opioid-related costs, primarily litigation expenses;
•net losses of $24 million and $36 million for the years ended March 31, 2024 and 2023, respectively, and a net gain of $98 million for the year ended March 31, 2022, associated with certain of the Company’s equity investments, as discussed in more detail in Financial Note 15, “Fair Value Measurements;”
•a gain of $306 million in fiscal 2023 and a charge of $55 million in fiscal 2022 primarily related to the effect of accumulated other comprehensive loss components from the E.U. disposal group, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures;”
•a gain of $126 million in fiscal 2023 related to a cash payment received for the early termination of a TRA exercised by Change in October 2022 and was recorded within “Other income, net” in the Consolidated Statement of Operations, as discussed in more detail in Financial Note 5, “Other Income, Net;”
•a gain of $97 million in fiscal 2023 from the termination of certain forward starting fixed interest rate swaps, as discussed in more detail in Financial Note 14, “Hedging Activities;” and
•a charge of $42 million in fiscal 2022 primarily related to the effect of accumulated other comprehensive loss components from the U.K. disposal group, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.”
(8)Loss on debt extinguishment for fiscal 2022 consists of a charge of $191 million related to the Company’s July 2021 tender offer to redeem a portion of its existing debt, as discussed in more detail in Financial Note 11, “Debt and Financing Activities.”
(9)Amounts primarily consist of amortization of acquired intangible assets purchased in connection with business acquisitions and capitalized software for internal use as well as depreciation and amortization of property, plant, and equipment, net.
(10)Long-lived assets consist of property, plant, and equipment, net and capitalized software.
Schedule of Segment Assets and Long-lived Assets By Geographic Areas
Segment assets and long-lived assets by geographic areas were as follows:
 March 31,
(In millions)20242023
Segment assets
U.S. Pharmaceutical$46,812 $41,793 
Prescription Technology Solutions4,385 4,168 
Medical-Surgical Solutions6,233 5,780 
International6,535 6,226 
Corporate3,478 4,353 
Total assets$67,443 $62,320 
Long-lived assets (1)
United States$2,477 $2,207 
Foreign334 323 
Total long-lived assets$2,811 $2,530 
(1)Long-lived assets consist of property, plant, and equipment, net and capitalized software.